Fraport raises stake in Lima airport

Fraport raises stake in Lima airport

Germany's Fraport said it has purchased an additional 10% stake in Lima Airport Partners (LAP) and increased its total share in the Peruvian airport concessionaire to 80%.

The local investment fund manager AC Capitales sold its stake in LAP after 10 years, leaving IFC as the only other shareholder in the concessionaire.

LAP is working with SMBC to find funding for a $1.8bn expansion project that includes building a second runway and a new passenger terminal. The concessionaire could secure a $1bn financing package in the second half of the year, according to sources.

LAP began operating the 30-year concession in 2001, when the Lima airport served 4.1m passengers. The airport had 22.1m passengers in 2018, up 7.3% on the previous year, Fraport said in a press release.